Agricultural Insurance Market : Global Opportunity Analysis and Industry Forecast, 2021-2030
PORTLAND, OREGON, UNITED STATES, October 3, 2022 /EINPresswire.com/ — Agricultural Insurance Market By Coverage (Multi-peril Crop Insurance, Crop-hail Insurance, Livestock, and Others) and Distribution Channel (Banks, Insurance Companies, Brokers/Agents, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Agricultural Insurance Market Outlook – 2030
Agriculture insurance is a type of protection policy that covers loss resulting from damage of crop, livestock, and farm equipment. It provides financial support to farmers toward unforeseen events and tax exemption benefits, which further improve the efficiency of the agriculture insurance market.
Moreover, rise in adoption of agriculture insurance and increase in need for protection from loss in agriculture business are considered as major factors boosting the growth of the agriculture insurance market. Furthermore, agricultural insurance providers enhance the awareness & benefits of agriculture insurance plans and educate the buyers about available products and services, which further fuel the growth of the market.
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COVID-19 Impact Analysis
• The global lockdown has affected the operations of the insurance sector. This is attributed to global fear of the virus and unprecedented transport restrictions, resulting in breakdown of supply chains for selling crops and maintaining agri-business. In addition, shortage of labor force for harvesting and supplying in the market indirectly hampers the agricultural insurance market during the pandemic situation.
• The COVID-19 pandemic has a significant impact on the agricultural insurance market forecast as several countries have imposed numerous measures to curb the virus globally. In addition, policyholders are filing claims for massive crop loss & other related agricultural losses and changing the terms of their policies. This has led to insurers freezing sales of new coverages for agricultural insurance in the market.
High Cost of Premiums
Agriculture insurance generally involves high cost of premium as compared to general insurance. Moreover, with availability of customized coverages in the agricultural sector, premiums for coverages are higher for farmers, ranchers, and other agricultural operators in the market. Therefore, this results in crop loss, lower maintained of livestock, and limited protection against natural hazards for managing risks & uncertainties in agriculture. Thus, high-cost premiums for agricultural insurance limit the market growth across the globe.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐈𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/connect-to-analyst/11979
Key Benefits of the Report
• This study presents analytical depiction of the agricultural insurance market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed agricultural insurance market analysis of the agricultural insurance market share.
• The current market is quantitatively analyzed from 2021-2030 to highlight the agricultural insurance market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Agricultural Insurance Market Research Report
• Which are the leading players active in the agricultural insurance market size?
• What are the detailed impacts of COVID-19 on the market?
• What are the current trends that will influence the agricultural insurance trends market in the next few years?
• What are the driving factors, restraints, and opportunities in the agricultural insurance market?
• What future projections would help in taking further strategic steps?
• Multi-peril Crop Insurance•
• Crop-hail Insurance
By Distribution Channel:
• Insurance Companies
Key Players: PICC, Zurich (RCIS), Chubb, QBE, China United Property Insurance, American Financial Group, Everest Re Group, CUNA Mutual, Agriculture Insurance Company of India, Farmers Mutual Hail, New India Assurance, ICICI Lombard
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